Tag Archives: Future of Financial Advice (FoFA)

The Australian investment market is a ‘tough nut’ for overseas investment managers to crack, according to results of research undertaken by the US-based management consultancy Cerulli Associates. In a report for clients, Cerulli note that the market is more difficult and expensive to establish a presence in than many overseas investment manager initially expect. Nevertheless, if […]

The Australian corporate watchdog has censured three financial advice firms after they misleadingly described themselves as “independent”. The three firms – Wilson HTM, Citywide and iSelect Life – have since taken steps to remove or amend the claims of independence, the Australian Securities and Investment Commission (ASIC) said. ASIC said both Wilson and iSelect take […]

The Commonwealth Bank of Australia (CBA), the institution at the centre of a financial advice scandal that led to massive reform of the sector in Australia, has paid almost AU$3m (£1.47m) to customers who received poor advice. However, in a report released on Tuesday, the bank said that the majority of consumer complaints about the quality […]